Stocks across Europe fell this morning as Washington's rhetoric on North Korea went up a notch or two. Here's the Market Outlook from The Trader Nicole Elliott.
IC TIP UPDATES:
Restaurant Group (RTN) has appointed its third chief financial officer in two years. Kirk Davies, who previously spent three years as in the same role at Greene King, will start at the owner of Frankie & Benny’s and Chiquito in February next year. Chief executive Andy McCue has overhauled the management team since he joined in September last year, and we like the progress the business is making. Shares fell nearly three per cent in early trading. Buy.
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Londoners should get ready for more pizza. Domino’s Pizza Group (DOM) has entered into a partnership with its London franchisee to expand the number of locations across the capital. The deal will see Domino’s pay £24m for a 75 per cent stake in a newly formed company whose assets will be made up of all the franchisee’s 25 existing locations. The contract is expected to complete in September. Shares fell five per cent in early trading.
Old Mutual (OML) has announced its intention to float Old Mutual Wealth and South African company Old Mutual Limited shortly after the release of the group’s 2017 full-year results in 2018. Old Mutual Wealth was in pretty good shape at the end of June, with funds under management up 10 per cent during the first-half at £127bn. This helped increase adjusted operating profits for the UK fund management business up 29 per cent to £134m. Meanwhile South African Nedbank increased net interest income 4 per cent and expanded its net interest margin by 6 basis points to 3.58 per cent.
Greene King (GNK) has replaced outgoing chief financial officer Kirk Davies with Richard Smothers, who leaves from Mothercare where he had been chief financial officer since March 2015. Chief executive Rooney Anand called Mr Smothers a “great addition” to the management team as the group looks to become “Britain’s best pub company”. Shares fell nearly two per cent in early trading.
